TORONTO (S&P Global Ratings) Oct. 28, 2026--S&P Global Ratings today withdrew its ‘B’ long-term issuer credit rating on TPC Group Inc. at the issuer’s request. This follows completion of TPC’s acquisition by Japan-based ENEOS Holdings Inc. on Oct. 27, 2026. At the time of withdrawal, the ratings on TPC were on CreditWatch with developing implications , where we placed them on Aug. 10, 2026. We also withdrew the ‘BB-’ issue-level rating on TPC’s senior secured term loan facility. The outstanding amount on the term loan facility has been fully repaid. Criteria Corporates General: Recovery Rating Criteria For Corporate Issuers , March 31, 2026 Criteria Corporates General: Sector-Specific Corporate Methodology , July 7, 2025 Criteria Corporates General:
